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Sharie219
July 21, 2024
Question

Quickbooks has put all my automatic bank transitions as expense

  • July 21, 2024
  • 1 reply
  • 0 views

I recently did an automatic bank uploaded to Quickbooks but Quickbooks has put all my bank transactions under expense and no matter how much I categories its still showing as expense. I only realise this when I checked the Taxes section of my quickbooks Online Account, the VAT collected on Sales shows £0.00. This is incorrect considering that I've made a few sales.

Another annoying thing is that under the Action column under chart of accounts I don't have the option to view register.

I've wasted soo much time chating to Quickbooks help centre that they say they will look into it and get back to me within 7-10 working days.

 

This is getting deeply frustrating considering I need to do my vat return in less than 2 weeks so I'm contemplating going to Xero.

1 reply

JoesemM
JoesemM
July 21, 2024

I appreciate you taking the time to let us know about the issue you're having with automatically matching bank transactions, Sharie219. Not getting the help you need from our support can be troublesome and time-consuming. It's our main goal to help you with whatever issues you have while using our services and address your concerns promptly.

 

When you create a bank rule in QuickBooks this will automatically categorize the transactions for you. Otherwise, the Enable suggested categorization may be activated so it matches the bank transactions automatically. To deactivate this feature, simply go to the Banking page and click on the Gear icon. Here's how:

 

  1. From the Banking menu, go to the For Review tab.
  2. Tick the Gear icon.
  3. From the Transaction details section, uncheck Enable suggested categorization.
  4. Click the Gear icon again to save the setting.

 

Then, update the category of your bank transactions by heading to the Category field. Let me show you how:

 

  1. Go to the For Review tab under the Banking menu.
  2. Locate the transaction and click it to expand the page.
  3. Choose the Category drop-down arrow and choose the right category.

 

Please refer to this article for more details on how to categorise your bank transactions in QBO. Categorise and match online bank transactions in QuickBooks Online.

 

In the US, the View register is used to track transactions, whereas in other regions, the Account history serves the same purpose. You can only view the register if the accounts have balances or QuickBooks Balances like banks, assets, liabilities, and equities. You can see the Run report for Income and Expense accounts that go to the Profit and Loss.

 

To help you pick the categories that make sense and match your business's financial reporting needs, see this link: A complete guide to account types and detail types in QuickBooks Online.

 

If you encounter difficulties assigning or adding categories to your transactions, I recommend contacting our QuickBooks Online Support team. They can access your account securely and review the case number created for further investigation.

 

Once everything is in place, you'll want to check out this article that can aid you in reconciling your accounts seamlessly:

 

 

If you have more questions or concerns about handling bank data, please don't hesitate to ask. I'm always here to help and make sure everything is in order.

S
Sharie219Author
July 21, 2024

Hi so I actually did these steps before reaching out for help and the problem still remains. Someone suggested to exclude the transactions and then bring them in manually?

S
Shania_C
July 22, 2024

I can only imagine what you've been through, @Sharie219. We appreciate the time and effort you've put into contacting our live support and sharing the details of your concern.

 

I'd be glad to provide some insights to update your information about your bank transactions showing under expenses in QuickBooks Online.

 

Yes, you can exclude the transactions that show under expense and manually upload transactions from your bank or credit card. Let me guide you how:

 

To begin, before excluding a downloaded transaction, ensure that it aligns with your accounting needs. Excluding a transaction can impact the ease of reconciling your account.

 

After confirming that excluding a transaction is necessary, follow these steps.

 

  1. At the left navigation panel, click Transactions and select Bank Transactions.
  2. Select the For Review tab.
  3. Choose the checkbox of the transactions to exclude.
  4. Then select Exclude.

 

For more detailed steps of this, you can check this article to learn more. This also contains steps on how to undo a mistakenly excluded transaction: Exclude a bank transaction you downloaded into QuickBooks Online.

 

Additionally, here is a guide for the correct CSV file format. You can upload CSVs with either the following 3-column or 4-column format. These are the only columns QuickBooks can handle and this order.

 

The three mandatory fields needed to import successfully into QuickBooks are the Date, Description, and Amount columns. While the four-column format has a Date, Description, Credit (money out), and Debit (money in) column.

 

Moreover, when your file is formatted correctly, follow the steps below to manually upload transactions into QuickBooks, and categorise them to keep your books tidy.

 

1. In the left navigation panel click Transactions, then select Bank transactions.

2. Click on the blue tile for the account where you want to upload the transactions.

3. From the Link account dropdown, select Upload from file.

Note: If your account is not connected to online banking yet, choose Upload from file.

4. Select Drag and drop or select files and choose the file you downloaded from your bank. Then, click Continue.

5. From the QuickBooks Account dropdown, choose the account where you want to upload the transactions. Then, click Continue.

Note: If you're new to QuickBooks and don't have an account to upload the transactions into, select Add New from the dropdown to create a new bank account.

6. Follow the onscreen instructions to match the columns on the file with the correct fields in QuickBooks. Then click Continue.

7. Select the transactions you want to import, and then click Continue.

8. Click Yes then Done.

 

I'm also adding these articles to learn how to review and edit your opening balance if you recently added older transactions to your account. Also, how to reconcile your accounts so they always match your bank and credit card statements in QuickBooks Online:

 

 

You can always tap me if you have additional questions in excluding and manually uploading your bank transactions in QuickBooks Online. Take the best care always and have a wonderful weekend ahead, @Sharie219!

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